Lockheed to receive $4 billion for 30 F-35 jets

ChristopherHinton

WASHINGTON (MarketWatch) -- Lockheed Martin Corp.
LMT, +0.05%
will receive $4 billion from the U.S. to build 30 F-35 Joint Strike Fighter jets for the Air Force, Navy and Marine Corps, the Department of Defense said late Friday. The new contract is a fixed-priced modification of an earlier deal, meaning the prime contractor is on the hook for any excessive costs. The military is facing tighter annual budgets as Congress closes up a yawning deficit in the national budget and the F-35 program is the armed force's most expensive weapon acquisition in history, with an estimated final price tag of $385 billion for 2,457 aircraft through 2035. The program has been riddled with mishaps and cost overruns, and is under fire by critics as being unnecessary in a post Cold War world. Shares of Lockheed were indicated lower in premarket trading.

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